Securing rights of apartment buyers following developer insolvency

Insolvenz und Sanierung

ILO Newsletter, 18. Oktober 2013

The Property Developers Contracts Act aims to secure the rights of individuals who intend to buy newly built apartments. The act further aims to protect both the down payments made by buyers and such buyers´ rights in the event of a developer´s insolvency. In a recent judgment the Supreme Court ruled that the developer´s entitlements will transfer to the buyer exactly as they have already been held by the developer. 


Alexander

Dr. Alexander Isola

M.C.J. (NYU) Partner
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